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Quarterly Results

 

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Statement of Standalone Unaudited Financial Results

(Rs. in Crores)
Particulars   3 Months
ended
30.06.2018
Corresponding
3 Months
ended
30.06.2017
Preceding
3 Months
ended
31.03.2018
Twelve
Months
ended
31.03.2018
    (Unaudited) (Unaudited) (Audited)# (Audited) 
Gross Revenue from sale of products and services (i) 10722.22 13722.21 10705.75 43956.90
Other operating revenue (ii) 152.37 78.21 107.49 372.87
REVENUE FROM OPERATIONS[(i)+(ii)] 1 10874.59 13800.42 10813.24 44329.77
OTHER INCOME 2 403.85 476.77 516.50 2129.84
TOTAL INCOME (1+2) 3 11278.44 14277.19 11329.74 46459.61
EXPENSES          
a) Cost of materials consumed   3052.92 2894.90 3061.40 11756.21
b) Purchases of stock-in-trade   1254.38 990.89 927.93 2991.98
c) Changes in inventories of finished goods, stock-in-trade, work-in-progress and intermediates   (197.92) (49.79) 11.87 1041.85
d) Excise duty   167.56 3845.76 226.51 3702.23
e) Employee benefits expense   742.97 674.63 611.27 2487.46
f) Finance costs   7.34 10.38 23.24 86.65
g) Depreciation and amortization expense   298.69 268.21 303.99 1145.37
h) Other expenses    1652.56 1697.63 1830.25 6809.06
TOTAL EXPENSES 4 6978.50 10332.61 6996.46 30020.81
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) 5 4299.94 3944.58 4333.28 16438.80
EXCEPTIONAL ITEMS 6 - - - 412.90
PROFIT BEFORE TAX (5+6) 7 4299.94 3944.58 4333.28 16851.70
TAX EXPENSE 8 1481.26 1384.08 1400.57 5628.45
a) Current Tax   1397.52 1374.02 1448.28 5599.83
b) Deferred Tax   83.74 10.06 (47.71) 28.62
PROFIT FOR THE PERIOD (7-8) 9 2818.68 2560.50 2932.71 11223.25
OTHER COMPREHENSIVE INCOME 10 78.42 156.82 167.70 382.34
A (i) Items that will not be reclassified to profit or loss   96.04 164.12 210.10 426.22
(ii) Income tax relating to items that will not be reclassified to profit or loss   (1.81) (1.83) (34.59) (31.61)
B (i) Items that will be reclassified to profit or loss   (24.30) (8.35) (11.89) (18.69)
(ii) Income tax relating to items that will be reclassified to profit or loss   8.49 2.88 4.08 6.42
TOTAL COMPREHENSIVE INCOME (9+10) 11 2897.10 2717.32 3100.41 11605.59
PAID UP EQUITY SHARE CAPITAL 12 1220.74 1215.22 1220.43 1220.43
(Ordinary Shares of Re. 1/- each)          
RESERVES EXCLUDING REVALUATION RESERVES 13       50179.64
EARNINGS PER SHARE (of Re. 1/- each) (not annualised): 14        
(a) Basic (Rs.)   2.31 2.11 2.41 9.22
(b) Diluted (Rs.)   2.29 2.09 2.39 9.16

'# The figures for the preceding 3 months ended 31.03.2018 are the balancing figures between the audited figures in respect of the full financial year ended 31.03.2018 and the year to date figures upto the third quarter of that financial year.

Notes :

1 The Unaudited Standalone Financial Results and Segment Results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 26th July, 2018.
2 Consequent to the introduction of Goods and Services Tax (GST) with effect from 1st July 2017, Central Excise [other than National Calamity Contingent Duty (NCCD) on cigarettes], Value Added Tax (VAT) etc. have been replaced by GST. In accordance with Indian Accounting Standard, as applicable and Schedule III of the Companies Act, 2013, GST, GST Compensation Cess, VAT, etc. are excluded and NCCD is not excluded from Gross Revenue from sale of products and services for applicable periods. In view of the aforesaid restructuring of indirect taxes, Gross Revenue from sale of products and services and Excise duty for the quarter ended 30th June, 2018 are not comparable with the previous periods. The following additional information is being provided to facilitate such
(Rs. in Crores)
Particulars 3 Months
ended
30.06.2018
Corresponding
3 Months
ended
30.06.2017
Preceding
3 Months
ended
31.03.2018
Twelve
Months
ended
31.03.2018
Gross Sales Value (net of rebates and discounts) (A) 18171.66 16010.66 17933.48 67081.92
Taxes other than Excise Duty / NCCD (B)*  7449.44 2288.45 7227.73 23125.02
Gross Revenue from sale of products and services [C = (A-B)] 10722.22 13722.21 10705.75 43956.90
* Taxes include GST, GST Compensation Cess, Service Tax, VAT, Luxury Tax etc., as applicable for the reported periods.
3 The launch and rollout costs of the Company's brands 'Fiama', 'Vivel', 'Superia', 'Engage', 'Savlon' and 'Shower to Shower' covering the range of personal care products of soaps, face washes, shower gels, skin care, deodorants, handwash and ayurvedic talc, and the continuing significant brand building costs of the Foods businesses are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'.
4 ITC Global Holdings Pte. Limited, Singapore, ceased to be a subsidiary of the Company pursuant to its dissolution by High Court of the Republic of Singapore vide order dated 10th July, 2018.
5 During the quarter ended 30th June, 2018, 31,17,410 Ordinary Shares of Rs. 1/- each were issued and allotted under the Company’s Employee Stock Option Schemes (ESOS). Consequently, the issued and paid-up Share Capital of the Company as on 30th June, 2018 stands increased to Rs. 1220,74,12,321.
6 This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Limited Review
The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter ended 30th June, 2018 which needs to be explained.

 

Unaudited Segment-wise Revenue, Results, Assets and Liabilities
for the Quarter ended 30th June, 2018

(Rs. in Crores)
  STANDALONE
Particulars 3 Months
ended
30.06.2018
Corresponding
3 Months
ended
30.06.2017
Preceding
3 Months
ended
31.03.2018
Twelve
Months
ended
31.03.2018
  (Unaudited) (Unaudited) (Audited)# (Audited)
1. Segment Revenue      
  a) FMCG
- Cigarettes 
5127.59 8774.16 4936.45 22894.01
  - Others 2870.03 2600.89 3051.82 11328.60
  Total FMCG       7997.62 11375.05 7988.27 34222.61
  b) Hotels                     341.28 304.89 408.00 1417.51
  c) Agri Business         3151.27 2760.52 1808.31 8067.67
  d) Paperboards, Paper & Packaging  1355.83 1359.82 1300.81 5249.64
  Total  12846.00 15800.28 11505.39 48957.43
  Less :  Inter-segment revenue  2123.78 2078.07 799.64 5000.53
  Gross Revenue from sale of products and services @ 10722.22 13722.21 10705.75 43956.90
2. Segment Results      
  a) FMCG
- Cigarettes
3558.39 3274.14 3505.76 13340.82
  - Others [Note (i)] 50.12 5.43 91.21 164.12
  Total FMCG 3608.51 3279.57 3596.97 13504.94
  b) Hotels  13.22 5.31 75.47 139.79
  c) Agri Business 194.51 235.11 123.97 848.62
  d) Paperboards, Paper & Packaging 295.66 257.29 242.42 1042.16
  Total  4111.90 3777.28 4038.83 15535.51
  Less :i) Finance Costs 7.34 10.38 23.24 86.65
  ii) Other un-allocable (income) net of un-allocable expenditure [Note (ii)] (195.38) (177.68) (317.69) (989.94)
  iii) Exceptional items - - - (412.90)
  Profit Before Tax 4299.94 3944.58 4333.28 16851.70
3. Segment Assets        
  a) FMCG
- Cigarettes
7921.69 7782.40 7956.89 7956.89
  - Others 8617.93 8005.99 7623.20 7623.20
  Total FMCG 16539.62 15788.39 15580.09 15580.09
  b) Hotels [Note (iii)] 5693.28 5282.18 5520.54 5520.54
  c) Agri Business 3491.69 3374.96 3407.41 3407.41
  d) Paperboards, Paper & Packaging 6861.90 6369.80 6739.83 6739.83
  Total 32586.49 30815.33 31247.87 31247.87
  Unallocated Corporate Assets 34371.89 28694.84 31133.44 31133.44
  Total Assets 66958.38 59510.17 62381.31 62381.31
4. Segment Liabilities        
  a) FMCG
- Cigarettes*
4710.36 3352.99 4624.83 4624.83
  - Others 1906.46 1497.79 1906.52 1906.52
  Total FMCG 6616.82 4850.78 6531.35 6531.35
  b) Hotels 601.18 481.36 521.45 521.45
  c) Agri Business 930.69 650.19 900.18 900.18
  d) Paperboards, Paper & Packaging 764.87 585.69 787.13 787.13
  Total 8913.56 6568.02 8740.11 8740.11
  Unallocated Corporate Liabilities 3599.35 4720.85 2241.13 2241.13
  Total Liabilities 12512.91 11288.87 10981.24 10981.24

# The figures for the preceding 3 months ended 31.03.2018 are the balancing figures between the audited figures in respect of the full financial year ended 31.03.2018 and the year to date figures upto the third quarter of that financial year.

@ Refer Note 2 to the Statement of Standalone Financial Results.

* Segment Liabilities of FMCG-Cigarettes is before considering Rs. 121.29 Crores (30.06.2017 - Rs. 634.60 Crores; 31.03.2018 - Rs. 233.02 Crores) in respect of certain disputed taxes. These have been included under 'Unallocated Corporate Liabilities'.

Note (i): In respect of FMCG-Others segment, earnings before interest, taxes, depreciation and amortization (EBITDA), for the quarter ended 30.06.2018 is Rs. 127.76 Crores (quarter ended 30.06.2017 - Rs. 68.80 Crores; quarter ended 31.03.2018 - Rs. 174.59 Crores; and twelve months ended 31.03.2018 - Rs. 455.58 Crores).

(ii): As stock options are granted under ITC ESOS to align the interests of employees with those of shareholders and also to attract and retain talent for the enterprise as a whole, the option value of ITC ESOS do not form part of the segment performance reviewed by the Corporate Management Committee.

(iii): Includes Rs. 541.21 Crores (30.06.2017 - Rs. 541.21 Crores; 31.03.2018 - Rs. 541.21 Crores) towards payment to IFCI Limited (IFCI) and applicable stamp duty for purchase of a five star hotel resort in Goa operating under the name Park Hyatt Goa Resort & Spa and IFCI issued required sale certificate in favour of the Company. The erstwhile owners of the property thereafter challenged the sale. By its judgement dated 23.03.2016, the Bombay High Court set aside the sale and directed IFCI to refund the sale consideration to the Company. The Company and IFCI had approached the Hon'ble Supreme Court against the High Court judgement. The Hon'ble Supreme Court, by its judgement and order dated 19.03.2018 has set aside the impugned judgement and order of the Hon'ble Bombay High Court, thereby upholding the sale of Park Hyatt Goa Resort & Spa to the Company and directed the erstwhile owners to hand over possession to the Company within a period of six months along with relevant accounts.

Notes :

(1)

The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.

The Operating Segments have been reported in a manner consistent with the internal reporting provided to the Corporate Management Committee, which is the Chief Operating Decision Maker.

(2) The business groups comprise the following :

 

FMCG : Cigarettes - Cigarettes, Cigars etc.
  

 

: Others - Branded Packaged Foods Businesses (Staples; Snacks and Meals; Dairy and Beverages; Confections); Apparel; Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis.

 

Hotels - Hoteliering.

 

Paperboards, Paper & Packaging - Paperboards, Paper including Specialty Paper & Packaging including Flexibles.

 

Agri Business - Agri commodities such as soya, spices, coffee and leaf tobacco.
(3) Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded Packaged Foods businesses and Personal Care Products business.
   
Registered Office :
Virginia House, 37 J.L. Nehru Road,
Kolkata 700 071, India

Dated : 26th July, 2018
Place : Kolkata, India

For and on behalf of the Board



Director & Chief Financial Officer Managing Director Chairman

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Financial Results March 2018
Financial Results December 2017 Financial Results September 2017